dearajay

Hi Tushar,

One day; incase you have all documents ready. Make sure you have all payment reciepts(in original), BBA, TPT & NOC(Builder will provide, collect before going to bank) etc. For me it took few hours to complete all formalities.

Ajay

dearajay

Guys somewhere got to know in the blogs about Construction Qualities of previous projects such as SPS Heights etc are very poor. Any idea if someone has seen any of these apartments and did you like the project?

Ajay

Toshu20

Finally after running around in circles and asking for extensive documents, SBI has sanctioned my loan for Saviour park. It took a cumbersome 1.5 months. I wish they give a good service in loan execution and servicing now.

Regards.

Toshu20

Hi Ajay,

Please can you share the link of the blog where you read about the poor construction quality of Saviour group's past projects?
I've been personally trying to search any data available on their quality for a long time but only got good review till date. It would be a real help, if you can share the link for the same.

Regards.

userashu

The details given by you are very useful. I have also got the positive feedbacks from my sources for this Saviour park project and booked a flat. can I get contact number of persons who already booked there to discuss few things ?

Toshu20

Although unrelated to the core topic, but I'd like to convey my experience of getting the home loan sanctioned and disbursed through SBI for this project.

** Saviour Park is on the approved list of projects for SBI. This means that SBI do not require the customer to submit extensive property related documents, legal advice, architectural drawings, approvals etc as they get all these documents directly from the builders.

** SBI manages loans through external counsellors as well as their own employees. My experience says if you apply through their employees, it would take a longer time but if you apply through external counsellors, the process would be a little bit faster but they'd many times not know the exact process and documentation requirements of the bank and again you will have to run pillar to post.

**Due to the commission earned at every loan sanction, the external counsellor may fudge with the details of your application. In my case I applied for a loan for the duration of 10 years, but when my application reached their RACPC branch it had some cuttings and over-writings making the tenure to 20 years. Strange but I think the loan counsellors earn a higher commission if the loan is of a longer duration.

** There's another way to make your loan application. Thats directly at the RACPC branch, in which case you'd avoid these misgivings of middlemen.

** Make sure you have the correct application form. Do not just download the form from SBI website, make sure you get the correct form verified from the RACPC before filling and submitting.

** Keep atleast 4-5 copies of all the documents that you are submitting to the bank. The staff deliberately wants to delay your application many times and the reason they give is incomplete documentation. They'd ask you repeatedly for the same documents again and again. Make sure all pages of your application are signed and dated by you, your sbi branch manager and your photograph everywhere has been attested by you, stamped by the respective bank and signed by the respective branch manager.

**Make sure you plan your time in advance to visit the RACPC branch atleast 7-8 times.

** Before submitting your application scan it and keep it with you for later use. (This is very important). The day you submit your application at RACPC, send the scanned copies of your application to the relevant bank email ids copying some senior level executives.

** Do not forget to take the contact numbers and email ids of a lot of relevant people in RACPC. These would come in very handy later.

**From day 10 of application submission, make sure you either call them up and talk to them daily asking for application progress. Dont stop if calls go unanswered, keep phone numbers of senior people handy and talk to them.

** Bank would ask you to visit the branch and submit a few documents repeatedly.

** From your 4th visit onwards, if things do not proceed well, you will have to start showing some aggression and disgust and may have to talk rough to the bank employees. In the Daily mails start telling them the genuine reasons due to which you are distressed due to delay (Monetary loss doe to builder's interest, multiple visits to the branch). Make sure you start copying very senior level emplyees in these mails now.

** Finally if all goes well, your loan would be sanctioned, but it would not take less than 20-25 days.

** For disbursement you may have to visit your branch atleast 2 times. Make sure to plan for that.


In my next post I'd convey the process for an NRI wishing to avail a loan from SBI by visiting India just once.

Regards.

kumarp

Thanks Tushar for giving details about the SBI home loan process.

I have just stuck up in middle of my SBI home loan process and need your help for next step.

I have applied for the loan in 20-Jan-2012 through external counsellor and I have submitted all the documents,but my loan is not approved yet.but the external counsellor told me that your book is open in SBI anand vihar branch
and will approve in 4-5 days.but I have not yet visited the branch.

So plz suggest what the next step I have to follow.

Thanks.

Toshu20

If you are an NRI and want to get your loan processed from SBI, here is what you need to do if you wish to get your loan sanctioned by visiting India only once:

The following needs to be done without:
** Search SBI's site for the latest updated "NRI home loan application form". This application form is different than the normal loan application form and no one would tell you that in the beginning.

** Get this form verified by scanning it and sending to SBI's helipline email ids. Once verified by SBI staff, you may print and fill up this form.

** Attach you photo on this form, complete it and take it to your nearest foreign SBI Branch in your country for attestation. You'd also need to carry original and copies of your salary slips, bank statements, address proof, identity proof, work contract, passport and visa. Get them all attested which the SBI foreign country branch would happily do.

** Make sure you have signed and dated every page of the application form and also make absolutely sure the photographs on the form have been signed by you, the SBI manager and stamped by the bank.

** Once done carry all these documents and other service letters(IT returns, PAN Card, letter from employer etc) with you to India.

** Talk to your HR in the foreign country office and make them aware that they would be receiving an email from SBI asking for confirmation of your details which needs to be replied to urgently.

**Get the builder buyer agreement done if you havent done so till now.

** If you don't have an SBI savings account, get one opened before applying. If you have one account, then use the same account and apply for loan to your branch.

** Get a "registered" and notarised power of attorney done in some of your relative's name in SBI format.

** Take the BBA, Tripartite agreement and NOC from the builder and keep it safely with your POA.

** Obtain the ECS form from SBI. Complete it, sign it and leave it with your POA.

** Sign 10 blank SBI account cheques and leave them with your POA.

** Take copies of proof of your India visit. (Boarding passes, passport immigration stamps)

** Rest follow the steps as mentioned in my last post.

** Make sure to scan and mail your application to DGM.NRI@sbi.co.in as well.

** If everything goes well, your loan would get sanctioned in 30 days atleast.

Good Luck

Regards.

Toshu20

Can anyone please post construction updates?
Latest information that I have is they have completed ground floor level.
Please also provide any pictures if possible and none are available at their site.

Regards.

Jay200

Today, i visited saviour park site. For the phase 1 (blocks) ,they will be starting 2nd floor. for Phase 2 they completed 1st basement.

Manish told me from tomorrow, they are planing to increase price by 200. e.g. they will be selling at 3110 from 1 March 2012.